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RTNominal unchange3.770 0.000 (0.000%)

02/04/2020 17:23

{I-bank focus}Morgan raises Zhou Hei Ya (01458) to HK$3.6

[ET Net News Agency, 2 April 2020] Morgan Stanley raised its target price for Zhou Hei
Ya International Holdings (ZHY)(01458) to HK$3.6 from HK$3.3 to reflect projected cash
flow benefits in outer years from the franchise model and maintained its "underweight"
The research house reduced its sales and earnings estimates for 2020/21, mainly to
factor in Covid-19 impact. Morgan thinks there'll be a better entry point to play the
turnaround story in ZHY.
ZHY's management expects weaker travel demand to constrain overall demand, even though
>80% of stores outside Hubei provinces have resumed operations. To mitigate the impact, it
has negotiated with landlords for lease cuts and is adjusting work shifts to lower labor
costs. (KL)

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